HomeMy WebLinkAboutResolution 2047A Resolution
RESOLUTION NO U
A RESOLUTION OF THE CITY OF FORT WORTH, TEXAS, WAIVING
THE RIGHT TO RECEIVE PROCEEDS, UNDER CERTAIN CONDITIONS,
FROM SALE OF SURPLUS PROPERTY IN CONNECTION WITH THE
MITIGATION PROGRAM RELATED TO THE EXPANSION OF RUNWAYS
16/34E AND 16/34W AT DALLAS-FORT WORTH INTERNATIONAL
AIRPORT
WHEREAS, the Dallas-Fort Worth International Airport Board
("Airport Board") has established a mitigation program
for the acquisition and resale of single-family,
residential properties (the "Program") related to the
construction of runways 16/34E and 16/34W; and
WHEREAS, the Airport Board at its January 5, 1995 meeting, passed
Resolution No 95-01-004, which authorized the Executive
Director to request the Cities of Dallas and Fort worth,
Texas ("Cities") to each pass a resolution to allow the
revenue from the resale of surplus property to remain in
the Program, and
WHEREAS, it is desirable to retain funds obtained from the resale
of surplus property sold under the terms of the Program
for runway 16/34E or 16/34W to be reused in the runway
16/34E or 16/34W Program (except for the Sound Insulation
Program, which is mitigation by insulating sound from
multi-family units, churches, schools and other selected
facilities), and
WHEREAS, certain provisions in the 1968 Contract and Agreement
between the Cities ("Contract"), as well as the 1968
Regional Airport Concurrent Bond Ordinance ("Ordinance"),
provide that proceeds from the sale of surplus property
at the Airport be paid to the Cities as a return of
capital, and
WHEREAS, payment to the Cities of the proceeds of surplus property
sold under the terms of each runway's Program was not
anticipated and would have an adverse affect upon the
funding of Dallas-Fort Worth International Airport
("Airport") for each runway's expansion, and
WHEREAS, the total budget for each runway's Program is net of the
proceeds derived from the resale of surplus properties;
the resale proceeds are scheduled and budgeted for
CITY OF FORT WORTH
continuous funding of each runway's Program; federal
grant participation in the acquisition is 75%; and the
Airport must reimburse the Federal Aviation
Administration for ?5% of resale proceeds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXA5
SECTION 1 That the City of Fort Worth hereby conditionally
waives its rights under certain provisions of the Contract and the
Ordinance to receive proceeds of the Program surplus property sales
in connection with the Airport's expansion of runway 16/34E, to the
extent that, and so long as, the proceeds are used for the Program
(except for the Sound Insulation Program), but only until December
31, 1998 at which time all proceeds not reimbursed to the FAA shall
be returned to the Cities as a return of capital in accordance with
provisions of the Contract and Ordinance
SECTION 2 That the City of Fort Worth hereby conditionally
waives its rights under certain provisions of the Contract and the
Ordinance to receive proceeds of the Program surplus property sales
in connection with the Airport's expansion of runway 16/34W, to the
extent that, and so long as, the proceeds are used for the Program
(except for the Sound Insulation Program), but only for the four
(4) year period following commencement of the Program for runway
16/34W, following which time all proceeds not reimbursed to the
FAA shall be returned to the Cities as a return of capital in
accordance with provisions of the Contract and Ordinance
SECTION 3 That the waiver of rights contained in this
resolution are further conditioned upon approval of a similar
resolution by the Dallas City Council
SECTION 4 That this resolution shall take effect immediately
from and after its passage in accordance with the provisions of the
Charter of the City of Fort Worth, and it is accordingly so
resolved
ADOPTED THI5 c%~ day of _ , 1995
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City Secretary
APPROVED
CITY COU1f~f,
2
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CITY OF FORT WORTH